Li-Fi Market: Current Analysis and Forecast (2023-2030)

Report Description

The Li-Fi Market was valued at 312.12 million in the year 2022 and is expected to grow at a strong rate of around 36.76% during the forecast period (2023-2030), owing to the rising demand for the high-speed internet as well growing volume of data transfer. Furthermore, the exponential growth of data consumption, driven by the surge on the Internet of Things (IoT) devices, is propelling the demand for Li-Fi technology. As the number of connected devices increases, traditional wireless technologies face challenges in handling simultaneous connections. Li-Fi’s ability to handle massive device connectivity makes it an ideal solution for smart homes, smart cities, and industrial applications. For instance, as per Intel, the number of connected devices is estimated to reach 200 billion by 2025, with 55% of global data traffic transmitted through wireless networks. Moreover, Li-Fi’s inherent security advantages contribute to its growth in various sectors. Unlike Wi-Fi, Li-Fi operates within a confined area with light signals, significantly reducing the risk of data interception or hacking. Additionally, Li-Fi signals cannot pass through walls, limiting the potential for unauthorized access. For instance, a study by the University of Edinburgh demonstrated that Li-Fi offers enhanced security with virtually no interference, making it ideal for industries handling sensitive data such as finance, healthcare, and the military.

Some of the major players operating in the market include Wireless Excellence Limited; Signify Holding; Oledcomm; pureLiFi; ACUITY BRANDS, INC.; To Be Srl.; Consolite Group; Global LiFi Tech,; Feit Electric; and Velmenni. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, the Photodetectors segment held the significant market share in terms of value in 2022.”

Based on components, the li-fi market is categorized into LED, photodetector, microcontroller, and software. The photodetectors hold the majority share of the market in terms of value. The primary factor that is responsible for this domination is its critical functionality. Photodetectors are crucial components in Li-Fi technology as they receive the light signals carrying data and convert them into electrical signals. Without photodetectors, the transmission of data via light signals would not be possible. Furthermore, the photodetectors can be easily integrated into various Li-Fi systems and configurations, making them highly scalable components that can adapt to different environments and requirements.

“Amongst vertical, the IT and Telecommunication held a significant market share in 2022.”

Based on vertical, the li-fi market is segmented into IT and telecommunication, aerospace and defense, consumer electronics, automotive, and others (healthcare, industrial, etc.). The IT and Telecommunication industry majorly supports the widespread adoption of the Li-Fi in the global markets. The primary factors that are pivotal for this high demand generation for the Li-Fi products from IT and Telecommunication industry are the high data transfer speed of the Li-Fi technology from the traditional Wi-Fi technology that are widely in used. Furthermore, the Li-Fi technology also offers high bandwidth efficiency, enhanced security, interference free communications, encounters low latency problem, and ensures spectrum congestion relief.

“European Region held the majority of the market share globally in 2022.”

Europe holds a significant portion of the Li-Fi market and is projected to experience substantial growth in the predicted timeframe. Europe has witnessed a remarkable surge in internet usage over the past decade. The continent boasts a high penetration of internet users, with both common individuals and industries driving the demand for high-speed internet connections. Furthermore, Europe’s digital economy has been expanding rapidly, with e-commerce becoming a significant driver. For instance, according to the European Commission, in 2020, over 72% of EU citizens made online purchases, representing a 36% increase compared to 2014. This surge in online shopping necessitates fast and reliable internet connections. Additionally, the adoption of smart home devices in Europe has been steadily increasing. For instance, recent data from IDC reveals that the smart home device market in Western Europe alone experienced year-on-year growth of 28.5% in the second quarter of 2021. Reliable and high-speed internet connections are essential for the optimal functioning of these devices. These factors play a crucial role in the widespread adoption of Li-Fi technology in Europe, contributing significantly to its penetration and growth.

Li-Fi Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Li-Fi market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Li-Fi Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Li-Fi market were the three major steps undertaken to create and analyze the adoption of Li-Fis in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Li-Fi market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Li-Fi market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Li-Fi market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, transmission type, and vertical. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Li-Fi market. Further, we conducted factor analysis using dependent and independent variables such as component, transmission type, and vertical of the Li-Fi market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Li-Fi market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Li-Fi market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Li-Fi market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Li-Fi market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Li-Fi market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of purity and application in the global Li-Fi market.

The main objective of the Global Li-Fi Market Study

The current & future market trends of the global Li-Fi market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Li-Fi market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of component, transmission type, and vertical.
• Define and analyze the regulatory framework for the Li-Fi
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Li-Fi market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Li-Fi market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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